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Minors Account

Bank Nizwa's Minor Account has been thoughtfully crafted to secure your child’s financial future. By adopting early savings and investments, you can pave the way for your child to excel, pursue dreams, and achieve life goals.

Key Features

  • Sharia compliant product based on the Sharia concept of Mudaraba with anticipated profit rate.
  • Cash withdrawal and deposit over the counter.
  • The guardian can view the child’s account using Mobile Banking.
  • Access to a 24 hours contact center facility.
  • Minor Debit card available once the child reaches the age of 13 years.
  • Instant issuance of debit cards through any of our branches.
  • A Range of available Savings solutions to choose from; Saving accounts, Recurring Deposit and Mudaraba Investment.
  • Actual Profit is calculated based on the monthly average balance and credited to your account quarterly.
  • Competitive Profit rate on Education Finance.
  • Standing instructions.
  • No hidden charges.
  • Transaction alerts.
  • Free Periodic account e-statements.
  • Exclusive Offers and Discounts.

Eligibility Criteria

  • Minors below the age of 18 years can avail this product.
  • Available only as a saving account.
  • Minors ages 13 and above can issue a debit card.

Fees & Charges

No. Fees and Charges Charges + VAT
1. Ledger Fee (Minimum Account Balance)
  • Account purpose to receive pension or other social support allowance being granted by the Government / Salary less than RO 200: Nil
  • If account Balance falls below RO 200: Nil
 Nil
2. Account Closure Fee (within 1 year of opening) RO 3.150
3. New Debit Cards FREE
4. Supplementary Debit Card RO 2.100
5. Replacement Debit Card RO 2.100
6. Cash Withdrawal Bank Nizwa Network Within (Omannet) FREE
7. Annual Fee - Primary / Supplementary Card RO 1.050
8. Cash Withdrawal Bank ATMs Within Oman (Omannet) RO 0.105

Requirements

  • Application form.
  • Child’s National ID Card or Passport.
  • Parent (or legal Guardian) National ID for Omani customers.
  • Parent (or legal Guardian) ID and passport with a valid visa for expats.
  • Birth certificate.

When authorizing the mother, the following documents must be presented:

  • Application form with the father's signature in the required field.
  • Child’s Birth Certificate.
  • Copy of the legal Guardian's ID.
  • Mother's ID card.

FAQs

  • What is a Minor Account?
    A kids' account is a specially designed bank account for children from birth until they reach the age of 18. A kids' account encourages the development of financial awareness and the cultivation of saving skills from an early age.
  • As a parent or legal guardian, can I appoint a guardian to operate the child's account?
    Yes, as a parent or legal guardian, you can appoint a guardian to operate the child's account.
  • Can the guardian access my child's account through the Bank Nizwa app?
    The guardian can view the child's account through the Bank Nizwa app, but transactions can only be done through the branches.
  • Can I conduct transactions from my child's account?
    The guardian has the ability to operate the account.
  • Parent/Guardian can apply for debit card?
    Parent/Guardian can apply for a debit card.
  • What type of debit card is available for the kids' account?
    Classic Card
  • Will the child be able to use the Bank Nizwa app when they reach the age of 13?
    We are working on making this service available as soon as possible.
  • What happens to the child's account when they reach the age of 18?
    The account will be suspended till the parent/guardian and the account owner come to the branch for KYC update and upgrading the account to normal.

Terms and Conditions

Key Fact Statement (KFS)

Profit Rates

For more information call 24950500 or visit any of our conveniently located branches.

 

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